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UK – Rethink NFI up +11% despite tough Q4

21 January 2013

Specialist staffing firm the Rethink Group (AIM: RTG) saw net fee income (NFI) rise by +11.3% in the 2012 financial year, the company reported in a brief trading update on Monday. But the firm suffered from a decline in permanent recruitment.

Revenues derived from its permanent recruitment business were below market forecasts during the summer months and remained subdued for much of the remainder of 2012. The firm said activity levels remained “significantly below management expectations during Q4 2012.”

Rethink also expects to report a loss for 2012, following increased investment in the business. The recruiter said that trading in 2013 had so far been strong although management are cautiously optimistic for the year ahead.

Last week, the staffing company announced a board shakeup as CEO Jon Butterfield stepped down with immediate effect and chief financial officer, Steve Wright, was appointed interim CEO.

Rethink Group provides business services through three divisions, including recruitment, talent management and technology. The firm operates from the UK, Ireland, Singapore, the US and the Middle East.

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